March 2, 2023: The March TS Model Portfolios report has now been posted
This month's TS Model Portfolio report highlights the mixed strength within the markets, the developing bull trap on the S&P 500 and the gains that the TSX is building.
Over the last few months, the TS Growth Portfolio has reduced it's market exposure by increasing its cash position. That position had grown to 31.5% by January.
We had anticipated a market pullback developing in Q1. Our outlook was determined by the US inverted yield curve. Now at 33 weeks old. Though we still believe that a recession/correction will still develop, we are not as concerned about the TSX as we are about the S&P 500.
Therefore, we are buying back a few holdings in early March. They are XBM, XFN, CUD, WSP, WCN and XLF.
After this buy back, there will still be a higher than normal cash position in the Model Growth portfolio.
Donald W. Dony FCSI, MFTA